External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 14.9x vs. 10-year average of 23.29x, pharmaceutical is trading at 2025 PE of 13.6x vs. 10-year average PE of 17.71x and consumer discretionary is trading at PE of 7.9x vs. 10-year average PE of 13.08x.Sector witnessed 5-year and 10-years sales/profit CAGR of 20%/25% and 14%/15% respectively while a D/Y of 6% in 2025.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul>
<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After taking into account the IFA opinion, the directors of textile-play <a href="https://www.smartkarma.com/entities/thai-rayon-public-co-ltd" target="_blank" data-smartkarma-citation="entities:20238:1" rel="noopener">Thai Rayon Public Co Ltd (TR TB)</a> unanimously reject Surya Kiran's Offer. </li>
<li>Surya Kiran is offering THB 50/share for the 79.33% of shares out in Thai Rayon it does not own. The Offer Price will not be increased. </li>
<li>The Offer is currently open for acceptance and will close on the 25 March.</li>
</ul>


After taking into account the IFA opinion, the directors of textile-play Thai Rayon Public Co Ltd (TR TB) unanimously reject Surya Kiran's Offer. 
Surya Kiran is offering THB 50/share for the 79.33% of shares out in Thai Rayon it does not own. The Offer Price will not be increased. 
The Offer is currently open for acceptance and will close on the 25 March.


Thai Rayon (TR TB): IFA Rejects Surya Kiran’s Offer?

Thailand

Thai Rayon Public Company Limited manufactures and sells viscose rayon staple fiber (VSF) and anhydrous sodium sulphate products globally. Its VSF, under the Birla Cellulose and Birla Modal brands, is used in apparel, home textiles, personal hygiene, and medical applications. The company was incorporated in 1974 and is headquartered in Bangkok, Thailand.

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Thai Rayon (TR TB)

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at 2025 PE of 12.0x which is at a discount to its historical average of 22.32x. Segment wise,...

Topline Securities

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

Thai Rayon (TR TB): IFA Rejects Surya Kiran’s Offer?

Trading at gross/annualised spread at 0.7%/15.8%. You have a hard floor of THB 49.86/share. Plus expect Suriya Kiran to reload down the track. This...

David Blennerhassett

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